TIDE MAX PLAN

The interest rate applicable to your Tide Instant Saver Account is a variable rate and is equal to the published Bank of England Base Rate (gross) minus a certain percentage. The current percentage by which the interest rate is below Bank of England Base Rate, can be found in the table below.  

The interest rate is variable and tracks the Bank of England base rate. The current Bank of England Base Rate is 3.75% (gross). To monitor the Bank of England base rate visit https://www.bankofengland.co.uk. 

As part of your Tide Max Membership Plan, you will earn interest on your Tide Instant Saver balance as per the table below:

*No interest is earned on balances above this amount. 

Interest is calculated daily, based on the balance available on your Tide Instant Saver Account at the end of the day, and paid monthly into your Tide Instant Saver Account on the first day of the month following the month in which the interest is earned.

In the unlikely event of market conditions resulting in negative interest, this may be applied to your Tide Instant Saver Account. If this happens, instead of earning interest on the funds in your account, Tide will deduct interest from your account.

Yes. As the interest rate is variable it can move up or down. 

The interest rate can change at any time for the following reasons:

1. Tide can change the percentage by which the interest rate is below Bank of England Base Rate at any time and this will impact the interest rate you receive.  Please also refer to the Tide Instant Saver Terms. 

• If this change will decrease your interest rate, we will give you at least 14 days’ notice in writing before the change takes effect.

• If this change increases your interest rate, we don’t have to give you prior notice, but we will notify you about the change within 30 days of it taking effect.

1. In addition, each time the Bank of England Base Rate changes, the interest rate applicable to your Tide Instant Saver Account will also automatically change, in line with the increase or decrease in the Bank of England Base Rate. Please note that this might happen in addition to changes to the percentage by which the interest rate is below Bank of England Base Rate.  

• The change will take effect from the day the Bank of England announces the change. 

• We do not have to give you prior notice of the change, but we will notify you about the change within 30 days of it taking effect. 

• The Bank of England Base Rate may be negative, which may result in a negative interest rate applying to your Tide Instant Saver Account.

The estimate is based on:

• the Bank of England base rate being 3.75%

• no further deposits or withdrawals being made and no changes to the interest rate taking place

• no further changes in Bank of England rates and the percentage by which the interest rate is below Bank of England Base Rate

No interest is earned on balances over £1,000,000.

The projections are for illustrative purposes only and do not take into account your personal circumstances.

Account holders must be a UK resident aged 18 or over.

The Tide Instant Saver Account can be opened (a) in the Tide app or on Tide.co by UK-registered sole traders and limited companies who hold a business bank account provided by ClearBank via the Tide Platform (“Tide Business Account”) as well as (b) in the Tide app by UK-registered limited companies who do not hold a Tide Business Account.

To open a Tide Instant Saver Account, you must designate a UK pound sterling current account held solely in the name of your business as your “Nominated Account”. You may only have one Nominated Account.

• If you hold a Tide Business Account, your Nominated Account will be your Tide Business Account.

• In case you are a UK-registered limited company who does not hold a Tide Business Account, your Non-Tide Account will serve as your Nominated Account.

The minimum opening deposit is £1.

You can only add funds into your Tide Instant Saver Account by transferring them from your Nominated Account.

We may impose financial or other limits on your Tide Instant Saver Account based on our risk assessment and policies. These limits can be adjusted at our discretion at any time, depending on our ongoing risk evaluation or to meet regulatory requirements. If you’d like to know the limits on your account or request a review to increase them, you can contact our Member Support team.

Once opened, your Tide Instant Saver Account can be managed 24/7 (a) online at tide.co or via your Tide app for Tide Members who hold a Tide Business Account; or (b) via your Tide app for Tide Members who do not hold a Tide Business Account. You can also contact the Member Support team by email at hello@tide.co. 

You can close your Tide Instant Saver Account at any time.

Yes. This is an instant access account. No notice for withdrawals is required and withdrawals can be made at any time.

There is no limit on withdrawals.

Withdrawals from your Tide Instant Saver Account can only be made online via the Tide app or the Tide website and can only be made into your Nominated Account.

Depending on personal circumstances, you may have to pay tax on the interest to HM Revenue & Customs. Please seek professional tax advice if you are unsure about your tax position.

AER stands for Annual Equivalent Rate and shows what the interest rate would be if interest was paid and compounded once each year.

Changing your Tide Membership Plan would have an effect on the interest rate applicable to your Tide Instant Saver Account. Please see the FAQs for details. You will be presented with a new version of this summary box prior to switching your Tide Membership Plan.

On termination of your Tide Instant Saver Account any interest accrued up to the termination effective date will be transferred to your Nominated Account. Before your Tide Instant Saver Account can be closed, you need to transfer any balance remaining in your Tide Instant Saver Account to your Nominated Account.

If you have set up a Non-Tide Account as your Nominated Account and you close your Nominated Account before or at the same time as your Tide Instant Saver Account, you need to provide us the details of another UK bank account held in your name to which your remaining Tide Instant Saver Account balance can be transferred. Our Member Support team will contact you to confirm where that refund should be made to.

Across all of your banking products with us, up to £120,000 is protected by the UK Financial Services Compensation Scheme (FSCS). More information.

The information provided in this summary box includes the key features of the account only and is not intended to be a substitute for reading the Tide and ClearBank terms applicable to your account (all available under tide.co/terms). We generate a new version of this summary box whenever any of the information contained herein changes.